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Save $22 by switching super | Dollar Saver tip #76

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Save: $22 (and maybe thousands by retirement)

Tip overview

Your super fund is designed to set you up for retirement. But fees can eat into your growing nest egg.

You may be charged a few fees by your super fund, including establishment fees, admin fees, investment fees, contribution fees and switching fees.

Another cost you can be charged is for the insurance products offered by your fund.

If you switch to a super fund product without insurance you could save on average $22 in investment fees in the first year, according to an analysis of products in Finder's database.

This is based on a calculation of a 30-year-old with a $25,000 super balance and an income of $100,000.

Using these same figures, this individual would save $10,468 by sticking to the same super fund until they retire at age 67.

Did you know?

Nearly 7 in 10 Australians have a super fund, according to Finder data. But having super doesn't guarantee financial security in retirement.

In fact, Finder data also shows that 27% of us aren't sure if we'll have enough super to retire on.

Despite this, the majority of us (61%) haven't and don't plan to make additional contributions to our super.

Making extra contributions and ditching insurance isn't the only way to boost your balance; you can also find a better-performing fund to make sure you're getting the best value.

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